Can You Retire On 1 Million Dollars?

One million dollars used to be the gold standard when it came to figuring out how much money you would need to never have to work the rest of your life.   Now, we all know if you really put your mind to it that you could probably retire on a million dollars, but the real question is whether or not you could maintain the standard of living you have been accustomed to off of your current income.  With our society having become more of an outsourced society than a do it yourself society, here’s why 1 million dollars isn’t what it used to be. The Slient Killer – Inflation may be the number one item underestimated when it comes to overall retirement planning. Inflation is on the rise, and if it rears its ugly head at the 4% level you better seek shelter to figure out how to make your money last.  At a 4% inflation level, 1 million dollars ...

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What a Stupid Question!

So, how many times have you asked someone in the financial world a question and they make you feel stupid? Not only stupid for asking the question, but just plain stupid? That’s what often happens when working with people. There used to be stocks, bonds and cash. There used to be whole life insurance and term life insurance. There used to be disability insurance. There used to be health insurance. Now we have BDC’s and REIT’s and PPL’s and variable life insurance and variable universal life insurance and indexed life insurance and indexed universal life insurance and ETF’s and UIT’s and PPO’s and HMO’s and 401k’s and Roth 401k’s and IRA’s and Roth IRA’s and long term care insurance and then long term care riders and hybrids and properly structured life insurance and improperly structured life insurance . . . You get the point. The financial world of our parents and grandparents doesn’t exist today. It’s become much more complicated ...

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